Google chief Schmidt to sell 42% of shares valued at $2.5 billion

Google is trying to limit the damage done from the news that their former CEO and current Executive Chairman Eric Schmidt after they submitted a plan to the Securities and Exchange Commission to sell off around 42% of his stake in the search giant. At today’s current price of $785.37 per share, the 3.2 million shares he plans on selling over the next year would be worth around $2.5 billion.